Court permanently bans Celsius founder Mashinsky from U.S. commodity markets
Celsius founder Alex Mashinsky has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC), resulting in a permanent ban from trading in markets regulated by the agency and from registering with the CFTC.
According to the court order, the settlement fully resolves the enforcement action the CFTC filed against Mashinsky in 2023.
The regulator alleged that Mashinsky and Celsius misled hundreds of thousands of customers by overstating the safety, profitability, and regulatory compliance of the crypto lending platform.
Under the order, Mashinsky is permanently prohibited from trading commodities, futures, and derivatives on U.S. markets.
The case also marks the CFTC's first completed enforcement action against a crypto lending platform.
Mashinsky is already serving a prison sentence
In May 2025, Mashinsky was sentenced to 12 years in prison after pleading guilty to securities and commodities fraud charges.According to prosecutors, Celsius raised approximately $20 billion from customers and invested those funds in high-risk strategies to generate the returns it had promised.
Mashinsky previously reached a separate settlement with the U.S. Federal Trade Commission (FTC), which permanently barred him from working in the cryptocurrency and financial industries.
Meanwhile, the U.S. Securities and Exchange Commission's (SEC) case against him remains ongoing. The agency accuses the former Celsius CEO of offering unregistered securities, misleading investors, and manipulating the price of the CEL token.
Appeal and bankruptcy payout ban
In late May, Mashinsky filed a motion seeking to overturn his 12-year prison sentence. He argues that his legal representation was ineffective and that some evidence was obtained improperly.Separately, a U.S. bankruptcy court barred Mashinsky and affiliated entities from making any claims against the Celsius bankruptcy estate. The decision clears the way for additional distributions to the platform's creditors using previously reserved funds.
Earlier, U.S. senators urged President Donald Trump not to consider pardoning former FTX CEO Sam Bankman-Fried. The request followed the rejection of his appeal and came amid broader debate over recent presidential pardons involving figures from the crypto industry.
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